NVAWW · Nova Minerals Limited

Nova Minerals Limited's half-year report highlights transformative advancements at its Estelle Gold and Critical Minerals Project, driven by strategic U.S. government support and operational execution. The centerpiece is the US$43.4 million Defense Production Act funding from the U.S. Department of War to its subsidiary Alaska Range Resources, enabling a fully integrated domestic antimony supply chain with Stage 1 production targeted for late 2026 to early 2027. This non-dilutive capital, combined with a US$20 million NASDAQ raise and A$59.2 million cash position as of 31 December 2025 (total access over A$106 million, no debt), positions the company to fund drilling, PFS work, permitting, and equipment procurement without dilution risks. Exploration efforts advanced resource growth, with 2025 drilling at RPM North, RPM Valley, and Korbel confirming high-grade zones, including a record 0.5 m @ 364 g/t Au intercept post-period, set to enhance the upcoming Mineral Resource Estimate and PFS economics. Infrastructure progress includes AIDEA's permitting application for the West Susitna Access Road (construction 2026, completion 2027/2028) and a Port MacKenzie land permit for the antimony refinery. Corporate moves like the 5-for-1 ADS split and planned U.S. redomiciliation to Nova Minerals Corp by June 2026 address FPI status loss, aiming to streamline U.S. compliance, boost capital access, and maintain dual ASX/NYSE listings. Director Louie Simens resigned in January 2026, and CFO Michael Melamed gave notice, with a U.S.-based GAAP-experienced CFO search underway. Strong stakeholder backing from Alaska Governor Mike Dunleavy, Senator Lisa Murkowski, and others underscores Estelle's role in U.S. critical minerals security, de-risking development toward antimony production and Tier 1 gold potential.